The volume of gross insurance premiums written by BTA Baltic Insurance Company AAS (BTA) in the Baltic States in the third quarter of 2020 reached 156.2 million euros, with a total of 96.3 million euros disbursed in indemnities.
In the third quarter of 2020, BTA has written a total of 156.2 million euros of gross insurance premiums in the Baltic States, 59.8 million euros of which were written in Latvia, 78.1 million euros – in Lithuania, and 18.3 million euros in Estonia. It is 3.8% less compared to the same period of 2019.
In the third quarter of this year, the largest volume of gross insurance premiums written by BTA in the Baltic States was in such insurance types as the compulsory third-party liability insurance of motor vehicle owners (MTPL), reaching 50.8 million euros (-9.2% less than in the same period a year ago), CASCO, where the volume of gross written insurance premiums reached 37.8 million euros (-3.5%), as well as Health insurance with 24.4 million euros (+8.7%).
The largest volume of gross insurance premiums written by BTA in Latvia were in Health, CASCO and MTPL insurance, reaching respectively 20.6 million euros (+5%), 11.9 million euros (-9.4%) and 8.5 million euros (-20.9%). In Lithuania, the largest volume of gross insurance premiums written was in MTPL insurance with 36.4 million euros (-6.6%), CASCO with 19.4 million euros (+1.1%), as well as in Property insurance, with 5.5 million euros in gross written premiums (-2.7%). The best results for BTA in Estonia by the volume of gross insurance premiums written were in CASCO insurance with 6.5 million euros (-4.9%), MTPL with 5.8 million euros (-5.5%) and Property insurance with 1.9 million euros (+7%).
The volume of gross insurance indemnities paid by BTA in the Baltic States in nine months of 2020 was largest in MTPL, CASCO and Health insurance – respectively, 33.3 million euros (-4.5%), 23.3 million euros (-2.7%) and 14.8 million euros (+1.6%).
The largest volume paid in insurance indemnities in the third quarter in Latvia was in Health insurance with 12.9 million euros (+0.02%), CASCO with a total volume of 8.1 million euros (-1.2%) insurance indemnities paid, as well as in Property insurance, where insurance indemnities paid amounted to 7.9 million euros (+26.6%). The largest volume paid in insurance indemnities by BTA in Lithuania was in MTPL insurance – a total of 22.7 million euros (+1.3%). Disbursements for 10.1 million euros (-1.9%) were made in indemnities in CASCO insurance and for 3.8 million euros (+47.3%) for claims made in Property insurance. In Estonia this year, the largest volume paid was in indemnities in CASCO insurance – 5.1 million euros (-6.6%), as well as MTPL, reaching 3.8 million euros (-11.7%) million euros, and a multiple increase in Railway rolling stock insurance – 1.0 million euros.
BTA’s earnings before taxes in the Baltic States in the third quarter of 2020 was 11.8 million euros. BTA’s earnings before taxes in Latvia was 3.6 million euros, in Lithuania – 6.7 million euros, while in Estonia – 1.5 million euros.
“Regardless of the situation, not just in the Baltic States, but globally, we could observe a slight stabilization of various economic processes in the summer period, which also affected the insurances market. We observed an increase in the demand for Health insurance in all three Baltic States. Also, clients demonstrate interest in Property insurance. We keep a positive mindset when looking forward and do everything it takes to maintain the high customer service level that we have, and to take care of the safety and health of BTA staff. Whatever happens in the insurance market, BTA will always be a step ahead, as we are driven by our solid team spirit, advanced technologies and assurance in our social contribution. Not only BTA helps maintaining the sense of being protected to its customers, it also takes care of the feeling of comfort of the broader public. Therefore we take pride in unfolding our innovative social responsibility project BTA Velozinis (Bicycle expert) in a number of Latvian cities this summer. The first tracks have already enjoyed a massive public acclaim. We are truly delighted in being involved in the development of this project, as BTA Velozinis can also be used in the present circumstances, when each of us have to think about healthy and responsible outdoor activities to strengthen immunity,” says BTA Management Board Chairman.
BTA Baltic Insurance Company is one of the leading insurance companies in the Baltics, offering the broadest range of non-life insurance services in Latvia, Lithuania and Estonia. BTA employs more than 1.000 employees in the Baltics. The largest shareholder of BTA is Vienna Insurance Group AG with close to 200 years of experience in the insurance business. With about 50 companies in 30 countries and more than 25.000 employees, Vienna Insurance Group is a clear market leader in its Central and Eastern European markets, and takes care of more than 22 million customers. Vienna Insurance Group is the best-rated company of ATX, the leading index of Vienna Stock Exchange (since 1994) with a rating of A+ with stable outlook from Standard & Poor’s; its share is also listed on the Prague Stock Exchange. Vienna Insurance Group works in close partnership with Erste Group – the largest retail bank in CEE.
Marketing and Public Relations Department Director
BTA Baltic Insurance Company AAS